-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  C:\Users\knm4642\Dropbox\Nha Meo Heo Beo\_JMP\WORKING FOLDER\Table A19_Bilateral trust robustness checks.log
  log type:  text
 opened on:  18 Feb 2026, 23:56:49

. 
. //PREPARE DATA
. use "Bilateral trust sample_nonUS.dta", clear

. * construct additional variables
. gen pharmachem = inlist(sector, ///
>         "Chemicals", ///
>         "Pharmaceuticals and Biotechnology", ///
>         "Health")

. gen electroit = inlist(sector, ///
>         "Electronic & Electrical Equipment", ///
>         "Information Technology Hardware", ///
>         "Software & Computer Services")

. gen ind = 1 * pharma + 2 * electroit + 3 * (1-pharmachem) * (1-electroit)

. gen postgradnonMBA = (education == 3 & MBA == 0) | education == 4

. gen hasRDexp = preCEO_resdir == 1 | preCEO_techdir == 1

. * set globals
. global firm = "firmage firmage2"

. global ceo = "age age2 yrinco"

. global bitrustFEs = "ceoid eubmcode boardid#year"

. global bitrustsample = "eubmcode != 33 & haspat & year < 2012 & !nonUS" //eubmcode 33 = US

. global bitrustsample_ext = "eubmcode != 33 & haspat_ext & year < 2015 & !nonUS" //eubmcode 33 = US

. global cluster = "etheubmcode"

. * set sample
. qui reghdfe ash_f1allpatxc bitrust_sd logat logsale ${firm} ${ceo} if ${bitrustsample}, ///
>         a(boardid eubmcode ceoid year) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)

. gen bitrustsample = e(sample)

. qui reghdfe ash_f1allpatxc bitrust logat logsale ${firm} ${ceo} if ${bitrustsample_ext}, ///
>         a(boardid eubmcode ceoid year) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)

. gen bitrustsample_ext = e(sample)

. 
. 
. //PREPARE TABLE 
. * PANEL A: Alternative clustering schemes and time lags before patent filing
. eststo clear

. eststo col1: /// cluster by CEO's main ethnicity
>         reghdfe ash_f1allpatxc bitrust_sd if bitrustsample, ///
>         a(${bitrustFEs}) cluster(mainethcode) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,     12) =      73.12
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3854
                                                  Adj R-squared   =     0.1882
                                                  Within R-sq.    =     0.0011
Number of clusters (mainethcode) =         13     Root MSE        =     0.7638

                           (Std. err. adjusted for 13 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0522987   .0061161     8.55   0.000     .0389729    .0656245
       _cons |  -.0345826   .0496936    -0.70   0.500    -.1428557    .0736905
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960         960           0    *|
       eubmcode |        27           1          26     |
   boardid#year |      4672           1        4671     |
--------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

.                 estadd local cluster    "Main eth"

added macro:
            e(cluster) : "Main eth"

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3481

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730

.                 eststo col1, add(nofirms r(ndistinct))
(e(nofirms) = 730 added)

. eststo col2: /// clustet by CEO
>         reghdfe ash_f1allpatxc bitrust_sd if bitrustsample, ///
>         a(${bitrustFEs}) cluster(ceoid) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,    959) =       2.97
Statistics robust to heteroskedasticity           Prob > F        =     0.0849
                                                  R-squared       =     0.3854
                                                  Adj R-squared   =     0.1882
                                                  Within R-sq.    =     0.0011
Number of clusters (ceoid)   =        960         Root MSE        =     0.7638

                                (Std. err. adjusted for 960 clusters in ceoid)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0522987   .0303263     1.72   0.085    -.0072148    .1118123
       _cons |  -.0345826   .2464028    -0.14   0.888    -.5181336    .4489684
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960         960           0    *|
       eubmcode |        27           1          26     |
   boardid#year |      4672           1        4671     |
--------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

.                 estadd local cluster    "CEO"

added macro:
            e(cluster) : "CEO"

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3481

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730

.                 eststo col2, add(nofirms r(ndistinct))
(e(nofirms) = 730 added)

. eststo col3: /// cluster by inventor country
>         reghdfe ash_f1allpatxc bitrust_sd if bitrustsample, ///
>         a(${bitrustFEs}) cluster(eubmcode) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,     26) =       5.99
Statistics robust to heteroskedasticity           Prob > F        =     0.0215
                                                  R-squared       =     0.3854
                                                  Adj R-squared   =     0.2224
                                                  Within R-sq.    =     0.0011
Number of clusters (eubmcode) =         27        Root MSE        =     0.7475

                              (Std. err. adjusted for 27 clusters in eubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0522987   .0213707     2.45   0.021     .0083707    .0962268
       _cons |  -.0345826   .1736381    -0.20   0.844    -.3915008    .3223356
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           1         959     |
       eubmcode |        27          27           0    *|
   boardid#year |      4672         778        3894     |
--------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

.                 estadd local cluster    "Inv country"

added macro:
            e(cluster) : "Inv country"

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3481

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730

.                 eststo col3, add(nofirms r(ndistinct))
(e(nofirms) = 730 added)

. eststo col4: /// cluster by firm
>         reghdfe ash_f1allpatxc bitrust_sd if bitrustsample, ///
>         a(${bitrustFEs}) cluster(boardid) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,    729) =       3.83
Statistics robust to heteroskedasticity           Prob > F        =     0.0506
                                                  R-squared       =     0.3854
                                                  Adj R-squared   =     0.1882
                                                  Within R-sq.    =     0.0011
Number of clusters (boardid) =        730         Root MSE        =     0.7638

                              (Std. err. adjusted for 730 clusters in boardid)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0522987   .0267122     1.96   0.051    -.0001433    .1047407
       _cons |  -.0345826   .2170382    -0.16   0.873    -.4606771    .3915118
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           1         959     |
       eubmcode |        27           1          26     |
   boardid#year |      4672        4672           0    *|
--------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

.                 estadd local cluster    "Firm"

added macro:
            e(cluster) : "Firm"

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3481

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730

.                 eststo col4, add(nofirms r(ndistinct))
(e(nofirms) = 730 added)

. eststo col5: /// 0-year foward patents
>         reghdfe ash_allpatxc bitrust_sd if bitrustsample, ///
>         a(${bitrustFEs}) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,    256) =       5.52
Statistics robust to heteroskedasticity           Prob > F        =     0.0195
                                                  R-squared       =     0.3847
                                                  Adj R-squared   =     0.2215
                                                  Within R-sq.    =     0.0012
Number of clusters (etheubmcode) =        257     Root MSE        =     0.7409

                          (Std. err. adjusted for 257 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_allpatxc | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0541864   .0230606     2.35   0.020     .0087737    .0995991
       _cons |  -.0553901   .1887916    -0.29   0.769    -.4271725    .3163922
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local forward    "0-year"

added macro:
            e(forward) : "0-year"

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3481

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730

.                 eststo col5, add(nofirms r(ndistinct))
(e(nofirms) = 730 added)

. eststo col6: /// 2-year forward patents
>         reghdfe ash_f2allpatxc bitrust_sd if bitrustsample, ///
>         a(${bitrustFEs}) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 28 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,    256) =       4.22
Statistics robust to heteroskedasticity           Prob > F        =     0.0409
                                                  R-squared       =     0.3898
                                                  Adj R-squared   =     0.2280
                                                  Within R-sq.    =     0.0010
Number of clusters (etheubmcode) =        257     Root MSE        =     0.7512

                          (Std. err. adjusted for 257 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f2allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0488843   .0237836     2.06   0.041     .0020478    .0957208
       _cons |  -.0036973   .1949207    -0.02   0.985    -.3875495    .3801549
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local forward    "2-year"

added macro:
            e(forward) : "2-year"

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3481

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730

.                 eststo col6, add(nofirms r(ndistinct))
(e(nofirms) = 730 added)

. eststo col7: /// 3-year forward patents
>         reghdfe ash_f3allpatxc bitrust_sd if bitrustsample, ///
>         a(${bitrustFEs}) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 28 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,    256) =       2.84
Statistics robust to heteroskedasticity           Prob > F        =     0.0932
                                                  R-squared       =     0.3912
                                                  Adj R-squared   =     0.2298
                                                  Within R-sq.    =     0.0006
Number of clusters (etheubmcode) =        257     Root MSE        =     0.7538

                          (Std. err. adjusted for 257 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f3allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0397309   .0235781     1.69   0.093     -.006701    .0861627
       _cons |    .073095   .1928247     0.38   0.705    -.3066296    .4528196
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local forward    "3-year"

added macro:
            e(forward) : "3-year"

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3481

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730

.                 eststo col7, add(nofirms r(ndistinct))
(e(nofirms) = 730 added)

. 
. esttab /*using "Table A19_Bilateral trust robustness checks_Panel A.tex"*/, ///
>         cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>         nomtitle collabels(none) label varwidth(27) modelwidth(12) ///
>         mgroups("arsinh(Future patent applications)", pattern(1 0 0 0 0 0 0 0) ///
>                 prefix(\multicolumn{@span}{c}{) suffix(}) span) ///
>         keep(bitrust_sd) coeflab(bitrust_sd "CEO's bilateral trust") ///
>         stats(cluster forward FE_CEO FE_IC FE_FxY N nofirmxcntrys nofirms, fmt(%9.0fc %9.0fc %9.0fc) ///
>                 lab("Clustering scheme" "Forward" "CEO FEs" "Inventor country FEs"  "Firm $\times$ Year FEs" ///
>                            "Observations" "Firm $\times$ Inv country's" "Firms"))

-------------------------------------------------------------------------------------------------------------------------------------------
                            \multicolumn{7}{c}{arsinh(Future patent applications)}                                                         
                                     (1)             (2)             (3)             (4)             (5)             (6)             (7)   
-------------------------------------------------------------------------------------------------------------------------------------------
CEO's bilateral trust              0.052***        0.052*          0.052**         0.052*          0.054**         0.049**         0.040*  
                                 (0.006)         (0.030)         (0.021)         (0.027)         (0.023)         (0.024)         (0.024)   
-------------------------------------------------------------------------------------------------------------------------------------------
Clustering scheme               Main eth             CEO     Inv country            Firm                                                   
Forward                                                                                           0-year          2-year          3-year   
CEO FEs                                X               X               X               X               X               X               X   
Inventor country FEs                   X               X               X               X               X               X               X   
Firm $\times$ Year FEs                 X               X               X               X               X               X               X   
Observations                      23,284          23,284          23,284          23,284          23,284          23,284          23,284   
Firm $\times$ Inv country's        3,481           3,481           3,481           3,481           3,481           3,481           3,481   
Firms                                730             730             730             730             730             730             730   
-------------------------------------------------------------------------------------------------------------------------------------------

. 
. 
. * PANEL B: Alternative sample restrictions and bilateral trust effect by industry and CEO's characteristics     
. eststo clear

. eststo col1: /// excluding singletons
>         reghdfe ash_f1allpatxc bitrust_sd if bitrustsample, ///
>         a(${bitrustFEs}) cluster(${cluster})
(dropped 1535 singleton observations)
(MWFE estimator converged in 26 iterations)

HDFE Linear regression                            Number of obs   =     21,749
Absorbing 3 HDFE groups                           F(   1,    255) =       5.36
Statistics robust to heteroskedasticity           Prob > F        =     0.0214
                                                  R-squared       =     0.3745
                                                  Adj R-squared   =     0.2608
                                                  Within R-sq.    =     0.0011
Number of clusters (etheubmcode) =        256     Root MSE        =     0.7475

                          (Std. err. adjusted for 256 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0522987   .0225823     2.32   0.021     .0078271    .0967704
       _cons |  -.0152257   .1850165    -0.08   0.934    -.3795807    .3491294
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       658           0         658     |
       eubmcode |        27           1          26     |
   boardid#year |      3200         539        2661    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local sampincl   "Singletons"

added macro:
           e(sampincl) : "Singletons"

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      21749       3257

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3257

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      21749        506

.                 eststo col1, add(nofirms r(ndistinct))
(e(nofirms) = 506 added)

. eststo col2: /// excluding female CEOs
>         reghdfe ash_f1allpatxc bitrust_sd if bitrustsample & gender != 2, ///
>         a(${bitrustFEs}) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     22,326
Absorbing 3 HDFE groups                           F(   1,    253) =       5.77
Statistics robust to heteroskedasticity           Prob > F        =     0.0170
                                                  R-squared       =     0.3878
                                                  Adj R-squared   =     0.2224
                                                  Within R-sq.    =     0.0015
Number of clusters (etheubmcode) =        254     Root MSE        =     0.7407

                          (Std. err. adjusted for 254 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0584668   .0243401     2.40   0.017     .0105317    .1064018
       _cons |  -.0900917   .1991463    -0.45   0.651    -.4822874    .3021039
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       934           0         934     |
       eubmcode |        27           1          26     |
   boardid#year |      4548         760        3788    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local sampincl   "Female CEOs"

added macro:
           e(sampincl) : "Female CEOs"

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      22326       3365

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3365

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      22326        715

.                 eststo col2, add(nofirms r(ndistinct))
(e(nofirms) = 715 added)

. eststo col3: /// excluding interim CEOs
>         reghdfe ash_f1allpatxc bitrust_sd if bitrustsample & !interimCEO, ///
>         a(${bitrustFEs}) cluster(${cluster})
(dropped 1513 singleton observations)
(MWFE estimator converged in 25 iterations)

HDFE Linear regression                            Number of obs   =     21,363
Absorbing 3 HDFE groups                           F(   1,    252) =       5.10
Statistics robust to heteroskedasticity           Prob > F        =     0.0247
                                                  R-squared       =     0.3753
                                                  Adj R-squared   =     0.2615
                                                  Within R-sq.    =     0.0011
Number of clusters (etheubmcode) =        253     Root MSE        =     0.7478

                          (Std. err. adjusted for 253 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0513488   .0227306     2.26   0.025     .0065827     .096115
       _cons |  -.0065659   .1863624    -0.04   0.972    -.3735921    .3604604
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       610           0         610     |
       eubmcode |        27           1          26     |
   boardid#year |      3167         511        2656    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local sampincl   "Interim CEOs"

added macro:
           e(sampincl) : "Interim CEOs"

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      21363       3114

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3114

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      21363        488

.                 eststo col3, add(nofirms r(ndistinct))
(e(nofirms) = 488 added)

. eststo col4: /// 2000-2014
>         reghdfe ash_f1allpatxc bitrust_sd if bitrustsample_ext, ///
>         a(${bitrustFEs}) cluster(${cluster})
(dropped 1711 singleton observations)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     29,167
Absorbing 3 HDFE groups                           F(   1,    266) =       6.99
Statistics robust to heteroskedasticity           Prob > F        =     0.0087
                                                  R-squared       =     0.3666
                                                  Adj R-squared   =     0.2524
                                                  Within R-sq.    =     0.0012
Number of clusters (etheubmcode) =        267     Root MSE        =     0.7210

                          (Std. err. adjusted for 267 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0521892   .0197401     2.64   0.009     .0133224     .091056
       _cons |  -.0532764   .1616718    -0.33   0.742    -.3715957    .2650429
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       807           0         807     |
       eubmcode |        27           1          26     |
   boardid#year |      4266         643        3623    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local sampper    "2000-14"

added macro:
            e(sampper) : "2000-14"

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      29167       3839

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3839

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29167        591

.                 eststo col4, add(nofirms r(ndistinct))
(e(nofirms) = 591 added)

. eststo col5: /// by industry
>         reghdfe ash_f1allpatxc c.bitrust_sd#i.ind if bitrustsample, ///
>         a(${bitrustFEs}) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   3,    256) =       2.84
Statistics robust to heteroskedasticity           Prob > F        =     0.0387
                                                  R-squared       =     0.3856
                                                  Adj R-squared   =     0.2226
                                                  Within R-sq.    =     0.0015
Number of clusters (etheubmcode) =        257     Root MSE        =     0.7474

                              (Std. err. adjusted for 257 clusters in etheubmcode)
----------------------------------------------------------------------------------
                 |               Robust
  ash_f1allpatxc | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
ind#c.bitrust_sd |
              1  |   .0790282   .0277729     2.85   0.005     .0243359    .1337206
              2  |   .0480772   .0278294     1.73   0.085    -.0067266     .102881
              3  |   .0358603   .0373136     0.96   0.337    -.0376204     .109341
                 |
           _cons |   -.038218   .1925836    -0.20   0.843     -.417468    .3410319
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3481

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730

.                 eststo col5, add(nofirms r(ndistinct))
(e(nofirms) = 730 added)

. eststo col6: /// by CEO's education
>         reghdfe ash_f1allpatxc c.bitrust_sd#i.postgradnonMBA if bitrustsample, ///
>         a(${bitrustFEs}) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   2,    256) =       3.35
Statistics robust to heteroskedasticity           Prob > F        =     0.0366
                                                  R-squared       =     0.3855
                                                  Adj R-squared   =     0.2225
                                                  Within R-sq.    =     0.0013
Number of clusters (etheubmcode) =        257     Root MSE        =     0.7475

                                         (Std. err. adjusted for 257 clusters in etheubmcode)
---------------------------------------------------------------------------------------------
                            |               Robust
             ash_f1allpatxc | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------+----------------------------------------------------------------
postgradnonMBA#c.bitrust_sd |
                         0  |   .0607878   .0234793     2.59   0.010     .0145506     .107025
                         1  |   .0346701   .0375514     0.92   0.357    -.0392789    .1086191
                            |
                      _cons |  -.0377819   .1898003    -0.20   0.842    -.4115506    .3359868
---------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3481

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730

.                 eststo col6, add(nofirms r(ndistinct))
(e(nofirms) = 730 added)

. eststo col7: /// by CEO's experience
>         reghdfe ash_f1allpatxc c.bitrust_sd#i.hasRDexp if bitrustsample, ///
>         a(${bitrustFEs}) cluster(${cluster}) keepsin    
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   2,    256) =       3.36
Statistics robust to heteroskedasticity           Prob > F        =     0.0362
                                                  R-squared       =     0.3855
                                                  Adj R-squared   =     0.2225
                                                  Within R-sq.    =     0.0013
Number of clusters (etheubmcode) =        257     Root MSE        =     0.7475

                                   (Std. err. adjusted for 257 clusters in etheubmcode)
---------------------------------------------------------------------------------------
                      |               Robust
       ash_f1allpatxc | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------+----------------------------------------------------------------
hasRDexp#c.bitrust_sd |
                   0  |   .0549414   .0232999     2.36   0.019     .0090575    .1008253
                   1  |  -.0036005   .0505185    -0.07   0.943    -.1030852    .0958842
                      |
                _cons |   -.042726   .1904644    -0.22   0.823    -.4178025    .3323506
---------------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3481

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730

.                 eststo col7, add(nofirms r(ndistinct))
(e(nofirms) = 730 added)

. 
. global coeflist1 = "bitrust_sd 1.ind#c.bitrust_sd 2.ind#c.bitrust_sd 3.ind#c.bitrust_sd"

. global coeflist2 = "0.postgradnonMBA#c.bitrust_sd 1.postgradnonMBA#c.bitrust_sd"

. global coeflist3 = "0.hasRDexp#c.bitrust_sd 1.hasRDexp#c.bitrust_sd"

. esttab /*using "Table A19_Bilateral trust robustness checks_Panel B.tex"*/, ///
>         cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>         nomtitle collabels(none) label varwidth(42) modelwidth(12) ///
>         mgroups("arsinh(Future patent applications)", pattern(1 0 0 0 0 0 0 0) ///
>                 prefix(\multicolumn{@span}{c}{) suffix(}) span) ///
>         keep(${coeflist1} ${coeflist2} ${coeflist3}) order(${coeflist1} ${coeflist2} ${coeflist3}) ///
>         coeflab(bitrust_sd "CEO's bilateral trust" ///
>                         1.ind#c.bitrust_sd "Bilateral trust $\times$ Pharma/chemical" ///
>                         2.ind#c.bitrust_sd "Bilateral trust $\times$ ICT/electronic" ///
>                         3.ind#c.bitrust_sd "Bilateral trust $\times$ Other industries" ///
>                         0.postgradnonMBA#c.bitrust_sd "Bilateral trust $\times$ MBA/no grad deg" ///
>                         1.postgradnonMBA#c.bitrust_sd "Bilateral trust $\times$ Non-MBA grad deg" ///
>                         0.hasRDexp#c.bitrust_sd "Bilateral trust $\times$ No prior R\&D exp" ///
>                         1.hasRDexp#c.bitrust_sd "Bilateral trust $\times$ Prior R\&D exp") ///
>         stats(sampincl sampper FE_CEO FE_IC FE_FxY N nofirmxcntrys nofirms, fmt(%9.0fc %9.0fc %9.0fc) ///
>                 lab("Sample including" "Sample period" "CEO FEs" "Inventor country FEs" ///
>                                 "Firm $\times$ Year FEs" "Observations" "Firm $\times$ Inv country's" "Firms"))

----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           \multicolumn{7}{c}{arsinh(Future patent applications)}                                                         
                                                    (1)             (2)             (3)             (4)             (5)             (6)             (7)   
----------------------------------------------------------------------------------------------------------------------------------------------------------
CEO's bilateral trust                             0.052**         0.058**         0.051**         0.052***                                                
                                                (0.023)         (0.024)         (0.023)         (0.020)                                                   
Bilateral trust $\times$ Pharma/chemical                                                                          0.079***                                
                                                                                                                (0.028)                                   
Bilateral trust $\times$ ICT/electronic                                                                           0.048*                                  
                                                                                                                (0.028)                                   
Bilateral trust $\times$ Other industries                                                                         0.036                                   
                                                                                                                (0.037)                                   
Bilateral trust $\times$ MBA/no grad deg                                                                                          0.061**                 
                                                                                                                                (0.023)                   
Bilateral trust $\times$ Non-MBA grad deg                                                                                         0.035                   
                                                                                                                                (0.038)                   
Bilateral trust $\times$ No prior R\&D exp                                                                                                        0.055** 
                                                                                                                                                (0.023)   
Bilateral trust $\times$ Prior R\&D exp                                                                                                          -0.004   
                                                                                                                                                (0.051)   
----------------------------------------------------------------------------------------------------------------------------------------------------------
Sample including                             Singletons     Female CEOs    Interim CEOs                                                                   
Sample period                                                                                   2000-14                                                   
CEO FEs                                               X               X               X               X               X               X               X   
Inventor country FEs                                  X               X               X               X               X               X               X   
Firm $\times$ Year FEs                                X               X               X               X               X               X               X   
Observations                                     21,749          22,326          21,363          29,167          23,284          23,284          23,284   
Firm $\times$ Inv country's                       3,257           3,365           3,114           3,839           3,481           3,481           3,481   
Firms                                               506             715             488             591             730             730             730   
----------------------------------------------------------------------------------------------------------------------------------------------------------

. 
. cap log close
